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United Kingdom: History, Government, Economy

Explore the rich history, unique government structure, and dynamic economy of the United Kingdom. Learn about its influential institutions, economic developments, and key projections for the future.

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United Kingdom: History, Government, Economy

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  1. United Kingdom JACK & HALEY

  2. What is it? • The United Kingdom of Great Britain and Northern Ireland • Island in Northwestern Europe • 93,800 square miles • 64.5 million inhabitants • Capital: London • World's fifth largest economy • Recognized nuclear weapon state • Permanent member of UN security Council • 5th or 6th highest military expenditure in the world • Member of E.U., N.A.T.O., G7, G20, & W.T.O.

  3. Historical Background • Roman settlement of Britannia 43 BC- 410 AD • Saxons & Vikings fought until 1066 • Norman Invasion of 1066 established stability and kingdom of England • Shakespeare, Henry VIII, & break with Catholic Church • English civil war Charles II beheaded and Cromwell takes over • Monarchy comes back with more power to Parliament

  4. History Continued • First British Empire 1583-1783 Second 1815-1914 • Largest empire in history • WWI signaled end of “imperial century” • WWII Britain was major allied power and was bombed heavily • 1945-1997 decolonization • Margaret Thatcher 1979-1990

  5. Government of UK • Constitutional Monarchy with Parliamentary System • Combination of four countries England, Scotland, Wales, Northern Ireland • Each country has its own government subject to parliament • Parliament is bicameral body House of Lords & House of Commons • No codified constitution Magna Carta, Bill of Rights of 1689, Habeas Corpus Act • Monarch has no executive power • Prime Minister forms cabinets, can deploy military forces, and declare war Elizabeth II David Cameron

  6. Institutions • House of Commons • 650 elected members called MP’s throughout the boroughs of UK. • Craft legislation, Prime Minister and cabinet are formed based off of party majorities • House of Lords • 815 appointed lords from both the monarchy and the Church of England. Titles are hereditary. • Conservative party dominates both houses House of Lords By Party House of Commons By Party

  7. Economy and Development • 5th largest national economy (measures by nominal GDP) • 10th largest when measured by PPP • GDP = $3.087 trillion • GDP growth = +0.5% for Q4 2015 • Nominal GDP per capita = $46,244 • Currency - Pound Sterling

  8. Economy throughout History • 1945-1980- went through a major economic recession and a standout election • 1973 = oil crisis and stock market crash • 1978-1979- Winter of Discontent • Strikes by trade unions demanding larger pay raises • 1979 = election of Margaret Thatcher (neo- liberal economics)

  9. Economy throughout Hist. Cont. • 1979- 1997- rule of Conservative Party (previously ruled by the Labour Party • Neo- Liberal economics • State owned enterprises were privatized • During this time, the UK saw tax cuts • Period wasn’t all filled with growth → GDP fell 5.9% → High Inflation = increase in unemployment • Unemployment rates went from 1.5 million ppl. in 1979 to 3 million ppl. in 1982

  10. Economy and Development Cont. • 2008- experienced another large recession • inflation, interest rates and unemployment climbed • Since then, UK has been a steady increase • UK is a developed country w/ a social welfare infrastructure • Social welfare infrastructure means there is poverty • The poverty in the UK tends to be relative poverty as opposed to absolute poverty • The poverty line in the UK is defined as being 60% of the median household income.

  11. Key projections for UK economy - 2016 • 2.2% Real GDP Growth • 2nd fastest growth rate in G7 • 3% Consumer spending growth • 0.5% Inflation https://create.kahoot.it/#user/18078d1e-0886-42c5-9648-a80e094e7737/kahoots/created

  12. Sources • http://www.pwc.co.uk/services/economics-policy/insights/uk-economic-outlook.html • https://en.wikipedia.org/wiki/Economy_of_the_United_Kingdom • http://news.bbc.co.uk/2/hi/business/8125898.stm

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